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Fortress Biotech
(NASDAQ:FBIO)
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Rating:55Neutral
Price Target:
$3.00
▼(-10.18% Downside)
Action:Reiterated
Date:07/15/26
The score is held back primarily by weak cash flow and ongoing operating losses (negative EBIT/EBITDA) despite improved revenue and gross margin. Offsetting this, the stock shows strong technical momentum with price above key moving averages, though overbought signals increase near-term pullback risk. Valuation appears inexpensive based on the very low P/E, but without dividend data and with cash burn, that support is less certain.
Positive Factors
Holding-company portfolio model with monetization optionality
The holding-platform structure provides diversified value paths: capital-markets access, licensing, product sales at subsidiaries, and strategic exits. These multiple monetization channels reduce single-asset risk and sustainably support funding needs across development cycles over the next several months.
Negative Factors
Persistent negative operating and free cash flow
Consistent negative operating and free cash flows mean the company cannot self-fund development and commercialization. Over 2–6 months this necessitates external financing, increasing dilution or debt exposure and creating execution risk if capital markets tighten or milestones slip.
Read all positive and negative factors
Positive Factors
Negative Factors
Holding-company portfolio model with monetization optionality
The holding-platform structure provides diversified value paths: capital-markets access, licensing, product sales at subsidiaries, and strategic exits. These multiple monetization channels reduce single-asset risk and sustainably support funding needs across development cycles over the next several months.
Read all positive factors
Fortress Biotech (FBIO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$103.98M
Dividend YieldN/A
Average Volume (3M)569.80K
Price to Earnings (P/E)0.8
Beta (1Y)0.96
Revenue Growth14.50%
EPS GrowthN/A
CountryUS
Employees78
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)3.85
Shares Outstanding33,219,070
10 Day Avg. Volume642,773
30 Day Avg. Volume569,798
Financial Highlights & Ratios
PEG Ratio0.56
Price to Book (P/B)2.05
Price to Sales (P/S)1.61
P/FCF Ratio-1.55
Enterprise Value/Market Cap>-0.01
Enterprise Value/Revenue>-0.01
Enterprise Value/Gross Profit>-0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$5.00Price Target Upside49.70% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)2.4
Revenue Forecast (FY)$79.88M
Fortress Biotech Business Overview & Revenue Model
Company Description
Fortress Biotech, Inc. operates as a biopharmaceutical firm dedicated to the development and commercialization of a diverse range of pharmaceutical and biotechnology products. The company currently offers a portfolio of dermatological treatments. ...
How the Company Makes Money
Fortress Biotech generates revenue primarily through its portfolio-company model. Key sources include: (1) Collaboration and licensing arrangements: Fortress and/or its subsidiaries may enter into license, collaboration, or commercialization agree...
Fortress Biotech Earnings Call Summary
Earnings Call Date:Nov 14, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Positive
The earnings call highlighted strong revenue growth driven by the successful launch of EMROSI, improved EBITDA, and expanding prescriber base. However, challenges remain with the decline in legacy product revenues and delays in health plan formulary adoption for EMROSI. Despite these issues, the company is optimistic about EMROSI's potential and future revenue growth.Positive Updates
Significant Revenue Growth
Journey Medical reported a 21% year-over-year revenue growth for Q3 2025, reaching $17.6 million compared to $14.9 million in Q3 2024.
Negative Updates
Decline in Legacy Product Revenues
Revenue for legacy products like Qbrexza, Accutane, Amzeeq, and Zilxi declined by 16% year-over-year due to generic competition impacting Accutane.
Read all updates
Q3-2025 Updates
Positive
Negative
Significant Revenue Growth
Journey Medical reported a 21% year-over-year revenue growth for Q3 2025, reaching $17.6 million compared to $14.9 million in Q3 2024.
Read all positive updates
Company Guidance
During Journey Medical's third-quarter 2025 earnings call, the company provided guidance highlighting a strong performance and optimistic outlook, driven by the successful launch of EMROSI, their oral treatment for rosacea. The company reported a 21% year-over-year revenue growth, with EMROSI contributing $4.9 million in Q3, marking a 75% increase from Q2. Total revenues reached $17.6 million, supported by a gross margin improvement from 63.5% in Q1 to 67.4% in Q3. The company observed a 146% increase in EMROSI prescriptions, totaling 18,198 in Q3, compared to 7,394 in Q2. Operating expenses increased by 9%, while SG&A expenses rose by 6% year-over-year, reflecting activities tied to the EMROSI launch. Non-GAAP adjusted EBITDA improved to $1.7 million, with the expectation of becoming sustainably EBITDA positive in Q4. Journey Medical also mentioned their payer strategy progress, with over 100 million of the 187 million commercial lives having access to EMROSI. The company anticipates peak annual net sales of over $200 million in the U.S. and over $300 million globally for EMROSI.Fortress Biotech Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
56
Neutral
Cash Flow
24
Negative
| Breakdown | Mar 2026 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 63.26M | 57.67M | 84.51M | 75.74M | 68.79M |
| Gross Profit | 42.34M | 36.80M | 61.62M | 44.97M | 36.71M |
| EBITDA | -20.16M | -104.49M | -135.72M | -193.69M | -146.17M |
| Net Income | 6.82M | -46.00M | -60.64M | -86.58M | -64.70M |
Balance Sheet | |||||
| Total Assets | 185.55M | 144.22M | 167.53M | 294.30M | 396.50M |
| Cash, Cash Equivalents and Short-Term Investments | 79.38M | 57.26M | 80.93M | 178.27M | 305.74M |
| Total Debt | 74.30M | 75.96M | 84.66M | 127.34M | 74.98M |
| Total Liabilities | 123.36M | 145.87M | 165.94M | 244.28M | 170.63M |
| Stockholders Equity | 49.87M | 22.74M | 22.54M | 41.72M | 108.67M |
Cash Flow | |||||
| Free Cash Flow | -65.78M | -95.19M | -136.32M | -182.46M | -132.89M |
| Operating Cash Flow | -65.78M | -80.19M | -128.22M | -179.40M | -116.54M |
| Investing Cash Flow | 10.12M | -15.00M | -2.10M | -22.93M | 40.51M |
| Financing Cash Flow | 77.44M | 70.64M | 32.74M | 75.32M | 148.99M |
Fortress Biotech Technical Analysis
Negative
3.34
Price Trends
3.05
Negative
2.81
Negative
2.98
Negative
Market Momentum
0.02
Positive
35.96
Neutral
16.79
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FBIO, the sentiment is Negative. The current price of 3.34 is above the 20-day moving average (MA) of 3.32, above the 50-day MA of 3.05, and above the 200-day MA of 2.98, indicating a bearish trend. The MACD of 0.02 indicates Positive momentum. The RSI at 35.96 is Neutral, neither overbought nor oversold. The STOCH value of 16.79 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FBIO.
Fortress Biotech Risk Analysis
Fortress Biotech disclosed 69 risk factors in its most recent earnings report. Fortress Biotech reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fortress Biotech Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $103.98M | 0.81 | 163.88% | ― | 14.50% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | $20.27M | -0.33 | -221.50% | ― | ― | 71.62% | |
44 Neutral | $139.10M | -5.85 | -61.43% | ― | -100.00% | 18.25% | |
43 Neutral | $133.77M | -2.44 | -131.18% | ― | ― | -36.64% |
* Healthcare Sector Average
FBIO
Fortress Biotech
2.76
0.88
46.81%
CVM
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1.25
-8.00
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XBIT
XBiotech
2.24
-0.62
-21.58%
EQ
Equillium
2.20
1.64
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UNCY
Unicycive Therapeutics
5.06
0.86
20.64%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.